Business

AT&T Will Buy Spectrum From Verizon For $1.9 Billion in Cash

AT&T announced Friday that it has agreed to buy spectrum from rival carrier Verizon Wireless for $1.9 billion in cash and Advanced Wireless Services spectrum licenses in several markets. The deal is part of AT&T's ongoing effort to bolster its 4G LTE network.

AT&T will acquire licenses for 700-megahertz spectrum in 18 states, including California, New York, Ohio and Texas, which will help the company broaden access to its 4G network to 42 million more people in the U.S.

In a statement, the company said that the acquisition "will allow AT&T to continue to quickly deploy 4G LTE services to meet demand for mobile Internet services on a wide array of smartphones, tablets and other devices" and help it meet its goal of making its 4G LTE network available to 300 million people in the U.S.

AT&T has been actively buying up spectrum from other companies in recent months to compete with Verizon's vast coverage. The carrier acquired NextWave Wireless in August of last year for its spectrum licenses and just this week, it announced plans to acquire Atlantic Tele-Network for the same reason.

Mashable
is a global, multi-platform media and entertainment company. Powered by its own proprietary technology, Mashable is the go-to source for tech, digital culture and entertainment content for its dedicated and influential audience around the globe.